Tag: BTC/USD

Daily F.X. Analysis, March 02 – Eyes on U.K. Manufacturing PMI Figures! 

On Monday, the index is looming the range of 4-week lows in around 98.00 level, as traders continue to price in the possible rate cut by the Federal Reserve (even ahead of the FOMC meeting) on March 17-18.  The greenback, in terms of the U.S. Dollar Index (DXY), has begun the week well into the opposing area and tested fresh lows in the region of 97.80, where sits the vital 200-day SMA. On the news side, eyes will remain on the U.K. manufacturing PMI figures.  Economic Calendar       BTC/USD – Daily Analysis  The BTC/USD price has confident inception to the week’s trading as it’s price increased during the Asian session on Monday amid the bullish building momentum. The BTC/USD is edged higher around 1% while trading at $8,614.  The BTC/USD price has elevated upwards from an initial price of $8,525.75, although it also registered an intraday low of $8,485.52. The daily graph reveals Bitcoin trading beneath the moving averages where the 200-day SMA is narrowing upward progress at $8,760.46 and the 50-day SMA keeping the ground at $9,276.  The 61.8% Fibonacci level of the previous swing high at $10,537 to a swing low of $6,438.93 will further limit the profits towards $9,000. BTC/USD – Daily Technical Levels Support    Resistance  8,521.14      8,916.46 8,281.9       9,072.54 7,886.58    9,467.86 Pivot Point 8677.22 BTC/USD – Daily Forecast On Monday, the Bitcoin prices continue to trade around the support level of 8,475. Whereas, the 50 periods EMA extends resistance

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Daily F.X. Analysis, February 28 – German CPI & Franch GDP In Focus! 

A day before, the U.S. dollar slipped as traders bet the Federal Reserve would lower interest rates to compensate the influence of the spreading coronavirus, providing the signal euro its most significant daily gain since May 2018. On the news front, the economic calendar is almost muted, which is why the focus will remain on the technical outlook. No significant price action is expected so far. Sideways and choppy sessions are due to thin trading volume. Economic Calendar       BTC/USD – Daily Analysis  The BTC/USD price disappoints to maintain this level, then a fresh lower low under the Feb.4 price of $9,089 is possible. Below $9,089, the next level of support can be seen at the 200-day moving average that is also at $8,800. The BTC/USD is presently recovering from the $8,512 weekly low versus the greenback. Nevertheless, BTC/USD is still covering many key hurdles near $9,000, and it could return its decay. BTC/USD is exhibiting symptoms of a short term upward retracement from $8,512 versus the greenback.  The sellers are still in control, except there is a definite break over $9,000 and $9,200. There is possibly a bearish flag forming with support around $8,735 on the hourly graph of the BTC/USD pair. The BTC/USD could continue its drop beneath the $8,735 and $8,600 mark in the near term. BTC/USD – Daily Technical Levels Support     Resistance  8,595.6       9,015.6 8,365.3      9,205.3 8,175.6       9,435.6 Pivot Point 8,785.3 BTC/USD – Daily Forecast The BTC/USD extends

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Daily F.X. Analysis, February 26 – U.S. New Home Sales In Highlights

On Wednesday, the greenback dollar sustained losses as growing expectations of a U.S. rate decrease and threats from U.S. health administrators regarding the spread of the coronavirus called into the subject. It seems to the strength of U.S. financial assets as investors are avoiding Euro since the Italy issue.  On the fundamental side, eyes will remain on the U.S. Consumer confidence data, which may trigger some buying in the U.S. dollar today. Overall, the market is again likely to follow technical trading levels. Economic Calendar       BTC/USD – Daily Analysis  The BTC/USD bearish leg continues under $9,100 following support at $9,500 was broken. A potential double-bottom pattern could shortly lead the BTC/USD towards $10,000. Following the shattering of the critical support at $9,500, sellers’ morale fired up amazingly. Previous week’s support at $9,300 seemed to accommodate very little to prevent the energized bearish lot.  The BTC/USD continued the bearish leg to $9,090 (daily low). The price is trading bearish, falling by 1.84% towards the conclude the Asian session. Whereas, an attempt to pull the price upwards has scored a significant barrier at $9,200. Alternatively, BTC/USD is switching hands at $9,142 while the trend continues to lead to the south, perhaps, in the wake of a stronger dollar. BTC/USD – Daily Technical Levels Support    Resistance  9,449.46      9,802.61 9,292.61      9,998.91 8,939.46    10,352.06 Pivot Point 9,645.76  BTC/USD – Daily Forecast The BTC/USD continues to trade in a bearish mode at 9,095. Today, the leading pair is

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Daily F.X. Analysis, February 25 – C.B. Consumer Confidence In Highlights! 

On the forex front, the U.S. Dollar Index was little changed at 99.29, compared with 99.26 in the prior session. The German Federal Statistical Office will post the final readings of 4Q GDP (+0.3% on-year expected and previously estimated). France’s INSEE will report February indicators on business confidence (103 expected) and manufacturing confidence (99 expected). In the U.S., the Conference Board will publish February Consumer Confidence Index (132.1 expected). S.P./Case-Shiller will report the 20-City Composite Home Price Index for December (+0.4% on month expected), the FHFA will release November House Price Index (+0.4% on month expected), and the Richmond Federal Reserve will release its Manufacturing Index for February (10 expected). Economic Calendar       BTC/USD – Daily Analysis  The BTC/USD price remained range-bound during the day; however, it ultimately slipped down 3.28% to $9,473 through the U.S. evening hours. Many BTC/USD supporters assume that the leading asset is negatively correlated to traditional markets and have often proposed that traders will refer to it as a hedge in case of volatility in the markets, but that was not the situation today. Bitcoin fought to stay over $9,750 and dipped towards the $9,500 support versus the Greenback. BTC price could drop if it sinks beneath the critical $9,500 support.   A solid support is building on the downside around the $9,500 region. There is a crucial bearish trend line setting with resistance around $9,640 on the hourly timeframe of the BTC/USD pair (data feed from Kraken). The pair could make either soar over

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Daily F.X. Analysis, February 24 – Eyes on German IFO Business Climate! 

On Monday, the currencies slid dramatically as the speedy spread of the coronavirus exceeding China prompted fears of a pandemic and sent traders crowding to gold and the dollar for safe-haven shelter. Italy, South Korea, and Iran posted sharp growth in the coronavirus infections over the weekend. South Korea presently has over 760 cases, Italy, more than 150, and Iran 43 instances. The World Health Organization declared it was worried about the expanding number without any obvious link to the epicenter of the outbreak in China. Eventually, the market is trading with a risk-off sentiment, making dollar and gold stronger.  Economic Calendar       BTC/USD – Daily Analysis  The BTC/USD opened the week higher to test 10,000 psychological resistance level and dropped the very next moment to cover the weekend’s gap and trade at 9,515. If we compare the price movement of the prior two weeks, the current weekend was relatively relaxed for the BTC/USD traders. On Saturday, the Bitcoin fell $10,000 mark before dropping back to $9,794, and at the time of addressing the price proceeds to face resistance at $9,900. The BTC/USD price proceeds to push forward with the descending trendline pattern at $9,989. A breach above this trendline may put the Bitcoin over the at $9,892 and near to the 61.8% Fibonacci retracement mark. While on the lower side, the technical levels may change a bit.  BTC/USD – Daily Technical Levels Support     Resistance  9,554.7         9,743.65 9,472.72      9,850.62 9,283.77    10,039.57 Pivot

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Daily F.X. Analysis, February 21 – A Day Full of Manufacturing & Services PMI Figures! 

On Friday, the market is looking to trade the manufacturing PMI figures from Eurozone, U.S., and U.K. That’s all the events that will be driving price action in the market today.  Besides, the market continues to trade the risk-off sentiment in the wake of Coronavirus. The virus has killed over 2,200 people in China and struggles to contain it have primarily paralyzed the world’s second-biggest economy. On Friday, South Korean officials verified 52 new coronavirus diseases, Yonhap reported, producing its total to 156 and boosting the further alarm about the disease. Brace for trade plans. Economic Calendar        BTC/USD – Daily Analysis  The BTC/USD caught many traders off guard as a strong bearish reversal triggered was somewhat unexpected. The leading cryptocurrency had recovered well from the President’s Day weekend retracement and was trading both ways in the $10,200 trading range.  The BTC/USD found support at the 9,500 mark as we can observe on the chart below. This does not prevent the point that there was a lower high lower low that has been formulated. Below that, just around the 9,000 mark is the next support region.  Right now, the traders will be looking to see what occurs on the trendline retest. The BTC/USD fell to test a support level of 9,395, and closing of 4-hour candle above this level is extending support to bullish reversal sentiment. BTC/USD – Daily Technical Levels Support      Resistance  9,455.4        9,727.39 9,300.25     9,844.23 9,028.26   10,116.22 Pivot Point 9,572.24 BTC/USD

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Daily F.X. Analysis, February 20 – ECB Monetary Policy Meeting Accounts Ahead! 

On Thursday, the U.S. dollar was absorbing up funds during the Asian session following an abrupt and sudden drop in the Japanese yen. Its safe-haven status is being called into question, and eventually, it’s spooking traders out of local assets. Moreover, China announced a reduction in new diseases on Thursday. Still, experts advised the pathogen may grow more quickly than earlier believed as two aged passengers from a ship detained in Tokyo is the one who died recently. Therefore, the market sentiment remains risk-off, and investors may continue trade with stronger dollar sentiment.  Economic Calendar         BTC/USD – Daily Analysis  The BTC/USD price was incompetent to stay over the psychological support level of $10,000 and dropped below this. Yesterday, the leading Bitcoin pair tried to break above the resistance level of 10,400 level, but it couldn’t break through a $10,400 mark.  This bearish rejection triggered a corrective movement to $9,450, extending a $400 gap behind. Following BTC/USD sharp correction, many altcoins are also showing correction of more than 10% during the weekend.  BTC/USD – Daily Technical Levels Support     Resistance  9,777.14       10,435.42 9,366.01      10,682.57 8,707.73      11,340.85 Pivot Point 10,024.29 BTC/USD – Daily Forecast The BTC/USD failed to break above 10,250 resistance level and fell to trade at 9,565. The four hourly candles close is bearish in nature, but the bulls also entered the market during ending minutes, which reflects the odds of bullish correction in the BTC/USD. On Thursday, the BTC/USD is

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Daily F.X. Analysis, February 18 – Brace Yourself for U.K. Labor Market Report! 

On Tuesday, the investors focus stays on the U.K. labor market report and German ZEW economic sentiment. At the USD front, the greenback continues to gain support and hit the fresh 4-month high across its main competitors at 99.24 earlier today. It’s mainly due to the market risk-sentiment getting worse time by time in the wake of intensifying coronavirus fears. Let’s take a took at key trade ideas today.  Economic Calendar      BTC/USD – Daily Analysis  The BTC/USD price was unable to endure the psychological hurdle of $10,000 and couldn’t crack through the resistance level of $10,400. The failer to cross above this level caused a corrective movement to $9,450, placing around a $400 gap behind.  As explained in a prior analysis, a retracement is still very strong for the market. The BTC/USD solely managed to climb from $6,900 to $10,400 in the preceding six weeks, which generally indicates a correction is around the corner.  BTC/USD – Daily Technical Levels Support    Resistance  9,466.84       9,834.22 9,287.59     10,022.35 8,920.21     10,389.73 Pivot Point 9,654.97 BTC/USD – Daily Forecast As anticipated, the BTC/USD pair traded in a bearish mode, falling to 9,400 area. For now, the BTC/USD pair is crossing over 20 EMA, which is driving the buying trend, and it’s likely to lead Bitcoin prices towards the next resistance area of 9,935.  At 9,935 area, the 50 EMA is likely to block Bitcoin’s way to upside, and we may see selling below this level. However, in any

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Daily F.X. Analysis, February 12 – Fed Chair Powell Testifies Under Spotlight! 

On the forex front, the U.S. Dollar Index eased from a four-month high, slipping 0.1% on the day to 98.75, as the Fed flagged risks to the economy from the spread of coronavirus. The U.S. Federal Reserve Chairman Jerome Powell will testify before the Senate Banking Panel. The European Commission will report December industrial production (-2.0% on month expected). The U.S. Treasury will release the January monthly budget statement (10.0 billion dollars deficit expected). Economic Calendar    Economic Calendar by TradingView    BTC/USD – Daily Analysis  The BTC/USD recovers the bullish trend on breaking over $10,200 resistance. The leading cryptocurrency BTC holds the bullish price action, but a growing wedge pattern looms to trigger a reversal in the short term. The pair is testing the new 2020 top following a compelling return of over $10,000.  The Bitcoin current pullback to the support at $9,700 was required for the bullish activity taking place at the moment. The Bitcoin is now back in the bullish territory over $10,000, and it has also placed a new yearly high of $10,355.  Following an adjustment, BTC/USD is staggering at $10,317. The sharp move over $10,000 and the resistance at $10,200 seems to have woken the slumbering buyers. For now, the focus is to pull Bitcoin over the next resistance level of $10,400, which is anticipated to make another strong breakout in the direction of $11,000. BTC/USD – Daily Technical Levels Support     Resistance  9,727.28      10,042.98 9,585.74      10,217.14 9,270.04     10,532.84 Pivot

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Daily F.X. Analysis, February 05 – Eyes on ADP Non-Farm Employment Change! 

On the forex front, the U.S. dollar strengthened for a second session as economic data released were better than expected. The Dollar Index gained 0.2% on the day to 97.95. Later today, January Automatic Data Processing (ADP) Employment Change (+158,000 private jobs expected), Markit U.S. Services Purchasing Managers Index (PMI, final reading, 53.2 expected), Institute for Supply Management’s (ISM) Non-Manufacturing Index (55.1 expected), and December trade balance (deficit of 48.2 billion dollars expected) will be reported. Economic Calendar      BTC/USD – Daily Analysis  The BTC/USD buyers have an opportunity for growth, mainly if the support level of $9,200 is tested again. Technical levels begin to adjust with the BTC/USD bullishness towards the medium-term mark at $9,400. Bitcoin recently disappointed to maintain gains over the violated resistance level of $9,600, although the major focus remains on the $10K, the leading cryptocurrency headed to touch $9,624. The Bitcoin has several support levels that have been shuttered, including at $9,500, $9,400, and $9,200. A day before on Wednesday, the BTC/USD barely survived the short term level of around$9,150. Let’s look at the technical trade setup today.  BTC/USD – Daily Technical Levels Support     Resistance  9,042.69       9,268.71 8,948.43       9,400.47 8,722.41       9,626.49 Pivot Point 9,174.45 BTC/USD – Daily Forecast The BTC/USD slipped to test $9,050, which marks the 38.2% Fibonacci retracement, and now it’s consolidating in a very narrow range of 9,150 – 9,250. Breakout of this range will help determine further trends in the Bitcoin. We should

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